RBI lifted business restrictions imposed on American Express

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The Reserve Bank of India (RBI) lifted business restrictions imposed on American Express after more than a year on Wednesday (August 24), allowing the US-based company to acquire new domestic customers for its card services.

“In light of American Express Banking Corp.’s satisfactory compliance with the Reserve Bank of India (RBI) circular…on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement. The RBI barred American Express from onboarding new credit card customers in India beginning in May of last year due to noncompliance with payment system data storage guidelines.

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RBI lifted business restrictions imposed on American Express

The Reserve Bank of India (RBI) lifted business restrictions imposed on American Express after more than a year on Wednesday (August 24), allowing the US-based company to acquire new domestic customers for its card services.

“In light of American Express Banking Corp.’s satisfactory compliance with the Reserve Bank of India (RBI) circular…on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement. The RBI barred American Express from onboarding new credit card customers in India beginning in May of last year due to noncompliance with payment system data storage guidelines.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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